]> Press Releases--Closed-End Funds, TDF Announces Dividend
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Templeton Dragon Fund, Inc. (“TDF”) Announces Dividend

From: Franklin Resources, Inc.
Contact: Lisa Gallegos
Telephone:(650) 312-3395

Fort Lauderdale, Florida, December 16, 2002. Templeton Dragon Fund, Inc. (NYSE: TDF) today announced a year-end dividend from net investment income of $0.1706 per share, payable on January 15, 2003 to shareholders of record on December 31, 2002 (Ex-Dividend Date: December 27, 2002).

The Fund's investment manager, Templeton Asset Management Ltd., is an indirect, wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management services through its Franklin, Templeton, Mutual Series and Fiduciary Trust subsidiaries. The San Mateo, CA-based company has over 50 years of investment experience and more than $261 billion in assets under management as of November 30, 2002. For more information, please call 1-800/DIAL BEN® (1-800-342-5236).